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BitOasis Secures $30 Million In Funding To Accelerate Growth

BitOasis currently allows its users to buy and sell more than 20 cryptocurrencies, including Bitcoin, Ethereum, and Ripple.

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3 years ago

on

bitoasis secures $30 million in funding to accelerate growth

BitOasis, the largest cryptocurrency platform in the MENA region, has successfully raised $30 million in a Series B round to accelerate its growth while ensuring high standards of regulatory compliance.

The platform was founded in 2015 by Ola Doudin, and it’s headquartered in the United Arab Emirates. Thanks to its founder’s visionary ability to predict the increasingly important role cryptocurrencies are playing in the world, it had been perfectly positioned to take advantage of the cryptocurrency boom.

The funding round was co-led by Chicago-based VC firm Jump Capital, along with Wamda, the largest growth stage fund in the MENA region. Other investors that joined in include Alameda Research, Global Founders Capital, Pantera Capital, Digital Currency Group, and NXMH.

“The company perfectly embodies the elements we seek when investing in international crypto exchanges,” says Peter Johnson, a partner leading Jump Capital’s crypto strategy. “An exceptional team that deeply understands the market, a focus on regulatory compliance, and an ability to build a leading consumer brand”.

According to the official funding announcement, BitOasis wants to solidify its presence and refine its product offering in the countries the cryptocurrency platform already operates in while also expanding to nearby countries. BitOasis is also building strategic partnerships with the public sector to raise awareness around crypto safety, one of the biggest roadblocks to its wider adoption.

Also Read: A Beginner’s Guide To Getting Started With NFTs

“Our latest investment round serves as a vote of confidence in the BitOasis growth story,” commented Ola Doudin. “It further speaks to the state of interest in the MENA region’s growing crypto ecosystem, with global investors and venture capital heavyweights backing the region’s home-grown businesses”.

BitOasis currently allows its users to buy and sell more than 20 cryptocurrencies, including Bitcoin, Ethereum, and Ripple, with UAE Dirham (AED) and Saudi Riyal (SAR). To start trading, all that users have to do is sign up, verify their identity, and securely deposit funds through one of the supported options.

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UAE Prepares To Launch Two Satellites: Thuraya-2 And MBZ-SAT

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum chaired the first meeting of the Supreme Space Council yesterday.

Published

5 days ago

on

December 17, 2024

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uae prepares to launch two satellites thuraya-2 and mbz-sat

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister of the UAE, chaired the first meeting of the Supreme Space Council in Dubai on December 16, 2024. The session highlighted the UAE’s ambitious space plans and took stock of the sector’s economic progress.

The council emphasized the growing role of private companies in advancing space technologies, noting that their contributions are now equal to that of the public sector. Members also praised initiatives like the Space Economic Zones Programme, which are designed to fuel innovation and investment in the space industry.

Discussing the UAE’s space journey, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum remarked, “The national space sector continues to grow and advance, and we take immense pride in the remarkable achievements we have accomplished over the years”.

Sheikh Hamdan also received updates on two upcoming satellite projects: Thuraya-2 and MBZ-SAT. Thuraya-2, developed by Space42, is slated for launch this December. Meanwhile, the MBZ-SAT, created by the Mohammed Bin Rashid Space Centre (MBRSC), will soon follow. MBRSC, a major driver of the UAE National Space Programme, continues to lead the nation’s space-related developments.

Space42 took the opportunity to showcase its advancements, including ongoing collaborations between public and private entities. The company also outlined strategies to promote innovation, boost revenue streams, and create new opportunities for growth in the sector.

Also Read: IBM Opens New Doha Office To Support Qatar’s Digital Growth

The UAE’s current projects build on a growing legacy of space exploration. Back in 2020, the nation made headlines with its Mars mission, successfully sending a probe into the planet’s orbit in 2021. This mission, which is now in its second phase as of June 2024, has been collecting critical data to develop a comprehensive diurnal image of Mars.

The UAE also ventured into lunar exploration with an unmanned mission aimed at studying untouched regions of the Moon’s surface. While the probe ultimately crashed during its landing attempt after communication was lost seconds before touchdown, the effort represented a significant step in the country’s exploration ambitions.

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